- FYI: it's only illegal to try to rent it out, the property owner can usually legally live in a nonconforming basement unit.If you do all this you may still negatively cashflow each month, so make sure your income can cover and/or your cash reserves.If you do this successfully, you will learn more in 1-2 years than you would reading here on BP for 5+ years:)Good luck:)

This can be very expensive and is usually the worst choice because you can't justify the cost.2.

So, the first question they usually ask a PMC is about fees - instead of asking about services and HOW those services are executed.EXAMPLE: PMC states they will handle tenant screening – what does that specifically mean?

When investing with them you get almost no tax benefits and usually get crappy management. 

They are usually real estate salespersons as well. 

So, the first question they usually ask a PMC is about fees - instead of asking about services and HOW those services are executed.EXAMPLE: PMC states they will handle tenant screening – what does that specifically mean?

My only caution is STR managers are usually 20-25%, 15% may not be a great manager. 

Usually living in it for a few years may be enough for it to cash flow positive when you move out.  

Most land buyers who are developers usually stick to a very predefined region within their local market and they hunt and wait for killer deals and market swings to get the land they want for the very specific purpose they want.

In Oceanside, New non-hosted STRs are prohibited outside of the Coastal Zone as of February 10, 2024.Most HOA's do not allow rentals less than 30 days so that is likely not an option unless you find a couple of places on the water that allow it but usually tough to find below $1M.